Resource utilisation a policy factor for Riksbank
Monetary policy should take into account not only the total amount of spare capacity in the economy, but also its composition, said Svante berg, the first deputy governor of the Riksbank.
berg said that for an export-dependent country such as Sweden it was important to take into account to what extent a large fall in exports should be replaced by other parts of demand through expansionary monetary policy and at what rate this should be done.
He also said that monetary policy should look at the
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